{"schema_version":"1.0","name":"ETHE Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"7e07723c-720e-445f-8dde-14d97116d7d4","symbol":"ETHE","name":"CoinShares Ethereum Staking ETP","exchange":"LSE","country":"GB","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Strength versus the research benchmark, Activity pressure and cumulative balance, Drawdown and recovery pressure, Range position and boundary pressure, Range pressure and compression."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-21","observations":81,"displayedObservations":81,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","evidenceAlignment":{"status":"Underlying strength ahead of price","headline":"Market Dynamics is improving before price has fully responded","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","take":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger 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The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"In this ticker's completed record, 0.0% of comparable cases moved higher after 12 weeks, with an average move of -22.7% across 3 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 3 cases. Distinct visits lasted 1.3 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 3.5% across 3 completed cases, with the largest move arriving after 1.7 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[{"date":"2025-08-22","price":139.035004}]}},"smTape":{"available":true,"dates":["2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"close":[80.805,81.28,81.735,65.925,64.485,57.38,58.445,55.84,53.79,46.605,47.135,54.265,54.89,68.85,77.375,77.045,78.185,75.11,76.385,74.705,72.78,75.16,89.415,106.19,109.055,107.525,118.515,133.11,139.035,129.555,128.89,136.13,134.205,118.985,134.61,123.35,113.225,116.18,116.05,99.92,97.315,81.695,91.235,92.2,92.885,89.835,88.235,93.55,94.165,98.82,88.715,82.32,61.295,62.025,59.035,58.625,62.59,64.06,64.615,59.92,62.125,67.665,73.935,69.95,69.865,68.89,67.0,64.125,61.235,48.28,50.95,51.455,47.84,52.51,54.375,55.21,56.52,56.29,58.14,57.005,72.82],"consensus":[14.7895,100.0,-11.4919,-34.8778,-62.8795,-59.4203,-36.8764,-59.3866,-48.269,-45.2287,-44.4219,12.9728,0.0,64.6783,55.9224,44.8458,32.9339,15.9385,14.3265,0.0,0.0,20.162,75.7626,80.3481,45.0177,19.547,74.2444,70.9322,68.5304,11.0119,21.6993,64.7781,0.0,-33.8715,65.3499,-35.3557,-48.2492,0.0,-23.4003,-63.9284,-46.1519,-75.1508,0.0,-16.3558,-30.1668,-26.6187,-34.6007,0.0,-12.4325,19.7064,-37.7878,-56.9152,-71.9487,-27.3849,-49.0178,-37.0118,0.0,-11.19,-21.8297,-43.674,-18.8734,17.4707,40.516,0.0,12.8585,-14.6108,-29.0827,-30.0017,-36.4385,-65.1334,-15.8282,-22.1351,-31.6413,0.0,0.0,0.0,0.0,-10.2179,25.1737,-8.9167,76.6139],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"control":[1.0829,7.697,69.1304,0.0,-28.4883,69.9166,-28.6941,-37.5199,0.0,-17.9334,-58.0316,-41.6976,-73.5535,0.0,-7.9754,-34.9389,-31.9596,-41.5057,0.0,-15.8408,21.22,-49.0854,-52.1044,-69.3191,-14.2096,-43.6272,-29.33,0.0,-12.2118,-33.9321,-53.3459,-24.5286,20.8189,43.0861,0.0,9.1462,-26.2272,-34.629,-35.5976,-39.0985,-72.4871,-1.2577,-9.8248,-20.8963,0.0,0.0,0.0,0.0,-25.7609,25.3141,-20.9326,70.1043],"force":[50.1967,9.9363,74.5526,0.0,-85.2055,87.7185,-88.7569,-85.2137,0.0,-25.8646,-85.9885,-42.5972,-89.9098,0.0,-9.6417,-12.842,-24.8593,-19.2983,0.0,-4.4803,29.1711,-38.3812,-76.4521,-84.6471,-5.3956,-32.7692,-9.94,0.0,-17.9833,-4.861,-44.7039,-3.8526,39.063,52.5505,0.0,13.6304,-19.846,-31.8165,-23.3851,-29.1339,-63.2392,-16.5247,-2.5078,-12.9955,0.0,0.0,0.0,0.0,-14.4116,28.2012,-18.1494,99.3037],"direction":[68.5549,60.2989,52.8222,0.0,-3.3565,44.1534,-4.8254,-34.108,0.0,-27.8881,-54.9106,-53.7817,-66.4343,0.0,-44.5031,-37.0878,-21.7716,-37.6396,0.0,-14.2175,11.2162,-24.4523,-48.4582,-65.8836,-65.857,-66.7845,-65.1279,0.0,-30.8604,-20.1188,-31.8847,-28.6432,1.7789,28.9826,0.0,16.5496,-2.4045,-20.7913,-28.3325,-38.6162,-58.0821,-55.5895,-53.8061,-57.2399,0.0,0.0,0.0,0.0,-10.5411,22.8507,-11.4105,67.8464],"intensity":[62.069,3.3333,58.0645,31.25,81.8182,79.4118,71.4286,72.2222,70.2703,26.3158,87.1795,22.5,78.0488,57.1429,23.2558,65.9091,53.3333,13.0435,36.1702,41.6667,30.6122,62.0,45.098,100.0,59.6154,11.5385,15.3846,25.0,3.8462,30.7692,34.6154,7.6923,42.3077,48.0769,25.0,9.6154,9.6154,9.6154,46.1538,32.6923,80.7692,13.4615,3.8462,38.4615,48.0769,7.6923,5.7692,28.8462,1.9231,11.5385,7.6923,94.2308],"confirmation":[12.7823,8.3128,88.9606,31.2536,57.8187,89.5241,58.3761,84.7298,26.4778,75.6465,89.2193,82.7282,92.5224,13.047,6.6262,77.0527,76.383,78.5007,29.5334,49.0174,74.5714,79.938,86.8816,91.4506,54.4493,83.2726,79.1358,32.4478,29.1792,51.6173,81.8597,51.4159,51.9105,81.2927,27.9534,72.1948,50.5043,77.3053,77.3136,79.3972,88.6729,7.8263,52.3881,77.7207,5.2233,26.3324,2.0275,27.0089,28.0761,76.1457,28.0525,93.3071],"persistence":[100.0,100.0,100.0,87.5,62.5,62.5,37.5,12.5,0.0,25.0,50.0,62.5,62.5,75.0,75.0,75.0,87.5,87.5,75.0,75.0,50.0,62.5,62.5,62.5,62.5,62.5,75.0,62.5,87.5,87.5,87.5,87.5,62.5,37.5,25.0,12.5,12.5,12.5,12.5,12.5,37.5,62.5,75.0,100.0,87.5,75.0,62.5,50.0,50.0,25.0,25.0,0.0],"assessmentRisk":[44.1637,33.0834,13.4304,31.7855,24.0796,6.115,24.9803,24.5612,10.4677,36.167,17.0525,24.0424,12.3657,47.8248,24.4941,6.6469,48.0236,1.0199,4.8922,14.9142,32.7362,22.1377,16.871,13.9925,36.2939,25.4587,31.413,12.6468,20.0176,44.3965,31.0787,5.9789,14.9385,22.9035,47.4838,34.7544,25.3172,33.961,32.1398,31.1466,17.4175,41.9662,38.4416,33.8399,33.4028,29.224,36.8569,45.5063,41.2293,23.0722,24.6008,11.2444],"volumeParticipation":true,"latest":{"consensus":76.6,"control":70.1,"force":99.3,"direction":67.8,"confirmation":93.3,"persistence":0.0,"assessmentRisk":11.2,"intensity":94.2,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+76.6","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+70.1","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+99.3","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+67.8","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"93/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"58.6","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"8.1%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"22.5","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"96%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[80.805,81.28,81.735,65.925,64.485,57.38,58.445,55.84,53.79,46.605,47.135,54.265,54.89,68.85,77.375,77.045,78.185,75.11,76.385,74.705,72.78,75.16,89.415,106.19,109.055,107.525,118.515,133.11,139.035,129.555,128.89,136.13,134.205,118.985,134.61,123.35,113.225,116.18,116.05,99.92,97.315,81.695,91.235,92.2,92.885,89.835,88.235,93.55,94.165,98.82,88.715,82.32,61.295,62.025,59.035,58.625,62.59,64.06,64.615,59.92,62.125,67.665,73.935,69.95,69.865,68.89,67.0,64.125,61.235,48.28,50.95,51.455,47.84,52.51,54.375,55.21,56.52,56.29,58.14,57.005,72.82],"stroke":"#10243b","width":2.1},{"label":"Fast 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leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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